Value Dynamics of Financial Inclusion on Economic Empowerment of Rural Women of Punjab

Abstract

Women have always been a fundamental unit of the economy. The all round newlinedevelopment and progressive growth of any country is only possible if the women newlinebecome equal partners in the journey alongside the men folk. High illiteracy rate and newlinethe consequent depressive economic status of the rural women of Punjab emphasizes newlinethe urgent need for increased earnings. This can be achieved through the initiation of newlineopportunities for income-generating avenues. Opportunities for employment newlinegeneration for rural and semi-rural women has been observed as a motivating pathway newlinefor improving their status of nutrition, health and education. newlineOne ray of hope was seen in the innovative extension of microfinance to the poor newlinethrough the vehicle of group lending because group members were jointly liable for newlineloans. In the past decades, the self-help group (SHG) model promoting joint liability newlinehas been successfully adopting microfinance institutions and banks.The SHG model, newlinefirstly concentrates on savings and consequently leverages the savings to benefit the newlinegroup (SHGs) members. SHGs offered a workable and viable model for building and newlineenhancing social capital within communities and helped in subsequent asset building. newlineThe SHG model however, was greatly dependent on group cohesiveness and the newlineinherent ability of the subsequent group members to manage group affairs. The newlineobjective of an SHG was to enable the membersand#8223; self reliance. SHGs have come up as newlineall encompassing vehicles for the empowerment of women through alleviation of newlinepoverty. newlineThis study is aimed at fostering a better understanding of the SHGs in Punjab in newlineparticular and India in general. It will look at the roles played by several government newlineand non-government functionaries and corporate partners in the march towards rural newlinedevelopment. The success of this vehicle of socio-economic empowerment needs to newlinebe documented minutely for replication and removal of bottlenecks if any. The newlinecurrent research is one such step in this journey. newlineKeywords: SHG, Rural women, empowerment, microfinance